SoftBank stepped up preparations for the planned listing of its Japanese mobile business by reportedly appointing three banks to lead the process, which is due to be completed in December.
Financial Times reported SoftBank is set to name Goldman Sachs, Nomura and Deutsche Bank as lead underwriters for the IPO, citing sources close to all three banks.
The IPO, which was confirmed by the Japanese conglomerate in February this year, is touted to fetch between $20 billion and $25 billion. It could prove to be the largest public listing in history, a title currently held by China’s Alibaba.
Previously, bankers have said the group is planning to sell up to 35 per cent of the mobile business. A majority of these shares will likely be pitched to domestic investors.
Bankers have warned that the process could yet be delayed due to current negative sentiment around new listings among investors.
Earlier in October, Tencent Music entertainment postponed its listing plans in New York, citing market conditions.
SoftBank is expected to name at least four other Japanese banks and brokerage firms to coordinate the IPO, with more details expected to be revealed after November should the company get the go-ahead from the Tokyo Stock Exchange.
SoftBank said in February the listing would offer separation from its other investment activities, while the cash will be used to strengthen its balance sheet and aid group growth.
A large part of the group’s focus falls on its $100 billion technology vision fund, a vehicle largely used to invest in long-term bets.Subscribe to our daily newsletter Back